The Tokyo Stock Exchange, the world’s second biggest exchange by market capitalisation, has given a vote of confidence to Russia’s troubled equities markets by agreeing to work more closely with the rouble-denominated Micex exchange. The move comes a month after the London Stock Exchange put plans for a Moscow office on hold amid an exodus of foreign investors from the country.

The Tokyo exchange and Micex said they signed a memorandum of understanding aimed at boosting cross-border trading between Japan and Russia, and at developing joint financial products such as exchange-traded funds.